KARACHI: Pakistan is expected to fetch $23 billion in export earnings during the current fiscal year of 2017/18 considering the growth momentum in the past couple of months, secretary commerce said.

“Exports increased with an average of 10 to 12 per cent during the past five months,” Secretary Commerce Younus Dagha said, talking to media at the consultative workshop on Strategic Trade Policy Framework (STPF).

Dagha attributed the latest growth trend in exports to incentives provided to exporters under the prime minister’s incentive package.

Latest figures of Pakistan Bureau of Statistics (PBS) showed that exports grew 10.5 per cent to $9.03 billion during July - November 2017. In November, exports increased 12.35 per cent year on year.

Total exports, in the fiscal year of 2016/17, amounted to $20.45 billion, down 1.63 per cent over the preceding fiscal year, according to PBS.

The secretary said the ministry of commerce started consultative sessions with stakeholders to take their inputs to frame new trade policy. “The next policy framework will be for five years instead of three years in order to keep consistency in the regulations and incentives.”

Dagha said the new policy will be applicable from July 1.

The first draft of the policy will be finalised by March and the commerce ministry will send the draft to all the stakeholders to take their opinion, he added.

Commerce secretary said the objectives of the new policy are to promote exports, maximise gains from trade, enhance competitiveness and foster investment opportunities to achieve export-led economic growth.

The secretary said the spirit behind the formulation of STPF is to address the narrow export base, which is characterised by predominance of primary, traditional and limited products and markets, he added.

Trade policy

The existing trade policy 2015/2018 will end on June 30. Exports have failed to flourish under the policy. “In the new policy the government would try to remove shortcomings of the previous policies,” Dagha said.

Commerce secretary said import of machinery and capital goods will increase considering the infrastructure development and energy requirements. “But, this would have positive impact on the manufacturing as well as on exports.”

Pakistan’s trade mainly focuses on traditional markets and products under the previous trade policies.

The secretary said the new policy would focus on non-traditional markets, such as African economies and products, including agriculture and livestock.

The scope of the next STPF will encompass issues pertaining to supply chain development, market access initiative, trade promotion and trade facilitation, he added.

Dagha said the new policy will simplify regulatory environment to reduce cost of doing business and facilitate business community to avoid unnecessary hurdles in foreign trade. -Internews

Meanwhile the government of Pakistan has allowed a local firm to export hybrid rice seed for the first time in the history of the country, marking Pakistan’s debut in the international trade of this variety of the agricultural commodity, a statement said on Saturday.

Internews